Is time lapse only available for the iPhone 5S? Or is it also for the (discontinued) iPhone 5?

There are many videos around the web about time lapse in iOS 8, but they only seem to be showcasing the 5S, I want to know if it will be for the 5 too.

If the iPhone (back to a 4 or 4s) is running iOS8, then the camera has the Time Lapse capture feature. I have a 4s and upgraded to iOS8 - and was pleasantly surprised to see the Time Lapse feature added to the different photo and video choices when the camera is selected - and the time lapse feature works great.

Yes it can work on the 5 as well.